ALTA has initially priced the deal:
biz.yahoo.com
Friday February 11, 7:20 pm Eastern Time
AltaVista sets IPO at 14.8 mln shares, $18-$20/shr
WASHINGTON, Feb 11 (Reuters) - Internet search engine AltaVista Co., mostly owned by the online venture capital firm CMGI Inc. (NasdaqNM:CMGI - news), said on Friday it plans to net approximately $258.5 million from its initial stock offering.
The company said it plans to sell 14.8 million shares of common stock in a projected price range of $18-$20 per share, according to an amended prospectus filed with the Securities and Exchange Commission.
After the offering, there will be about 148.3 million shares outstanding in the company, putting its initial market capitalization at approximately $2.8 billion based on a $19 per share initial price, the midpoint of the price range.
The Palo Alto, Calif.-based company plans to use the IPO proceeds for working capital, advertising and other general corporate purposes, including possible acquisitions.
CMGI will hold a 73.8 percent stake after the offering while Compaq Computer Corp. (NYSE:CPQ - news) will hold a 16.2 percent stake, according to the filing.
AltaVista has applied to list its shares on Nasdaq under the symbol ``ALTA' (NasdaqSC:ALTA - news) once it goes public.
The underwriters, led by Morgan Stanley Dean Witter, have been granted the option to purchase an extra 2.22 million shares in the event of heavy demand. |
